Another item for the FIFA are bleeding idiots file

Item in today's RP suggests FIFA are considering banning in-play betting on football over corruption fears. 'What a great idea' will say the do-gooders and Daily Mail readers who don't have a clue about the outside world. Any knowledge of betting in football will let you swiftly decide this is the stupidest idea since awarding the World Cup to a country which bans alcohol and homosexuality, doesn't even have to hotel capacity to cater for one full stadium of visitors and will be 45-50C during July.

If bookmakers offer 'micro-betting', markets on tiny events during the match such as next free kick or next throw-in, who is taking the risk? The bookie. What is a bookie's job to do? Manage risk. What happens when people fall out of trees to back one option in a multi-selection, reasonably random market? They shut it off and investigate, maybe even alerting sporting authorities.

These are not markets where big bets are accepted unless you have the word MUG stamped across your forehead (i.e. You are a high-rolling loser with that bookmaker). Bookies know the famous Matt Le Tissier throw-in story from the 90s. These types of markets have the potential to be manipulated so the %s bet are wide and the risk taken is low. It's a product for the 'very' recreational punter who'd rather bet on an event within a sporting contest than on an electronic random number generation contest in the casino. Few bookies offer this stuff anyway, the ones which do are incredibly quick on the 'restrict bets' control if a punter starts winning.

As hinted at by the Sportingbet spokesman in the RP article - the majority of in-play football betting still goes through the unregulated markets in Asia. No amount of interference with European bookies will make an iota of difference to them; if anything it will only increase their turnover.

Yet more proof that FIFA is a body of self-serving idiots out of touch with the rest of the world.... unless someone from that world turns up with suitcases full of cash.

Comments

Post a Comment

Popular posts from this blog

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...

What a week it has been on the Knavesmire, some impressive juveniles to keep on the note book especially Tasleet of William Haggas's and Wesley Ward's Acapulco who impressed me taking on older horses, but even though with the 29lb allowance he could not over come proven Group 3 winning sprinter Mecca's Angel.

Mark Johnston has not improved on his six percent average here at York and I have reservations that it is going to improve with Buratino or Ode the Evening. The Listed Woodcote Stakes and Group 3 Coven…

When the term 'Ponzi scheme' is mentioned these days, the names Bernard Madoff and Allen Stanford instantly spring to mind. The pair of them ran multi-billion dollar frauds (US$60bn and $8bn respectively) that destroyed the lives of thousands of investors who had put their life savings into a 'wonderful' investment strategy. How so many people were sucked into the scheme is baffling to those on the outside. The lifestyle, the sales pitch, the success stories of the early investors - I suppose it all adds up.

So where does this link to racing you ask? A prominent Australian 'racing identity' this week has been reported to have lost access to a bank account with punters' club funds of $194m in it. Firstly - is there a worse term for anyone to be labelled with that 'racing identity'? It ALWAYS ends up meaning shonky crook! Secondly - who the hell has a punters' club with an active bankroll in the tens of millions? It simply can't be done.

About Me

Former Head of Education at Betfair, now in the outside world stirring up controversy, keeping punters informed and doing a bit of consulting and writing. Proud Australian who has been 'visiting' London for a few too many years now. Available for betting editorial, previews and industry comment. Contact me at scottf at journalist.com.Now regularly covering major race meetings and sporting events via guest blogger previews. Keen to have a go? Drop me a line...